The Ghana Chamber of Mines is renewing its call for a legislative framework similar to the Petroleum Revenue Management Act to be introduced in the mining sector.
According to Ahmed Nantomang, External Affairs and Communications Director at the Ghana Chamber of Mines, "Such a policy would highlight mining’s significant role in national development."
This call comes in response to concerns that mining has not benefited the country. However, the Chamber argues that the sector has made significant contributions to Ghana's economy. Between 2020 and 2023, member companies spent an average of $2.87 billion annually on locally sourced goods and services, while tax contributions and corporate social investments averaged $1.19 billion and $32 million, respectively.
The Chamber emphasizes that these domestic expenditures are the primary channels through which mineral revenues support national development. In fact, approximately 75% of mineral revenues were repatriated through local financial institutions between 2020 and 2023, countering claims that investors retain a disproportionate share offshore.
The Ghana Chamber of Mines believes that a transparent and accountable mineral revenue management system is essential to ensure that the sector contributes to national development. The proposed legislative framework would provide a clear and predictable system for managing mineral revenues, similar to the Petroleum Revenue Management Act.
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